Dec 3, 2012 7:00pm EST
clinton to w. bush lower tax rates frequently increased tax revenues, particularly at the upper end of the income stream. so here now to discuss this we have cnbc contributor keith boykin a former clinton white house aide and forbes media chairman steve forbes author of freedom manifesto, why free markets are moral and big government is not. love that. hey steve and keith. keith boykin i'll give you a little supply side. you'll hate this. this couples from the irs. the irs is going to use the bush cut, the dreaded bush tax cuts. the richest 1% paid $84 billion inflation adjusted dollars more between 2000 and 2007. that's a rise of 23%. in other words, their tax rates went down. and their tax revenues went up. now, isn't mr. obama making a mistake? >> well, the rich are paying more in taxes because the rich are disproportionately receiving most of the income in this country. the reality, larry, is that in my lifetime we've actually only raised income tax rates three times. once in 1969 to pay for the vietnam war. once in 1990 when george h. bush recanted his read my lips pledge and once in
Dec 4, 2012 6:00am EST
-- >> howard goes on and on. clinton tax rates on everybody. will it cause a problem? yeah, short recession, but we get defense cuts which republicans would never agree to otherwise, there are human service cut which is we won't like, but the least possible damage. and it's a serious down payment on the deficit. the wall street people ringing their hands are really full of it. i'm not sure what. but full of something because they're going to see a big drop on wall street but it will come roaring back because somebody has done something. so you have him and all their friends and the right and all their friends and the president who i don't think if he can ever get out of campaign mode. it's a full on campaign again. putting one party into -- >> you're right, the amt will hit more people in the middle class and raise their effective tax rate to a higher rate than they were today. and you won't -- >> you have obamacare 4% on everyone, too. >> if you lieu numerically, it doesn't make sense if one side says we're not going to race taxes on the middle class -- >> although republicans would probab
Dec 4, 2012 1:00pm EST
little bit more broad appeal, a la hillary clinton in her first couple of months up here on capitol hill. they don't expect her to focus entire loin the consumer financial protection bureau, for example. they think she would like a larger beach head on capitol hill and i think that is where this is going. >> thank you very much. take it down to sue at the nyse. >> i have kenny poll carry, independent trader at the nyse with me. you made a note in your morning note that we are stuck this in range until we get progress. >> look where we are, between 1400 on the downside you can and 1420 the upside. today, done absolutely nothing, at 1404, 1406 all day, not a lot of action, not a lot of activity at all. people just in this wait and see mode, right? more chatter out of washington. i think a lot of people expecting the interview with the president, hear what he had to same the market got weaker after spoke. >> down 18 point on the trading session now the volume disturbing now, because there is none. >> that just tells that you investors are, a, exhausted, and b, not going to make decisio
Dec 4, 2012 9:00am EST
friends there, jeb, and then you have christie. and then could be bush versus clinton again. >> governor, thank you very much. appreciate your time. >> honor to be with you. >> right now it's time for "squawk on the street." ♪ >> good tuesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, jim cramer and david faber. we're live from post 9 at the new york stock exchange. a vacuum here in terms of u.s. economic data. none on top today. we're looking at a flat open across the board. as for europe, movement there. the buyback of greek debt will in fact work. we're seeing just fractions of a percent in terms of changes there. our road map this morning starts with the latest in the fiscal cliff negotiations. the white house promptly rebuffs the gop counterproposal which calls for $800 billion in new tax revenue but without tax rate increases for the wealthy. could this tax issue deadlock the talks? >>> bank of america ceo warns the cliff must get stalled or the economy could be stifled well into 2014. >>> even more dividends pushed into 2012.